sebi:Order/VV/AK/2021-22/14885
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated April 8, 2010 disposed of - violations not established, no penalty imposed
Provisions invoked
- s. 12A
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(b)
Parties
- Nirmal Kotecha
Holding
The adjudication proceedings initiated against Nirmal Kotecha vide SCN dated April 8, 2010 are disposed of as the alleged violations of Section 12A of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations are not established against him.
Full text
Adjudication Order in respect of Nirmal Kotecha Page 2 of 18 in the matter of Pyramid Saimira Theatre Limited 2. During the investigation, it was observed that the company’s quarterly reports during the financial year 2007 - 2008 to the stock exchanges contained inflated figures of the company’s revenue profits, security deposits and receivables. It was observed that there was price rise in scrip consequent to the publication of the inflated results and promoters of the company pledged their shares to raise higher quantum of funds. It was alleged that the company along with its directors committed irregularities in its books of accounts and showed inflated profits and revenues in the financial statements and lured the general public to invest in the shares of the company based on such false financial statements.
Adjudication Order in respect of Nirmal Kotecha Page 3 of 18 in the matter of Pyramid Saimira Theatre Limited SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order in respect of Nirmal Kotecha Page 4 of 18 in the matter of Pyramid Saimira Theatre Limited corresponding consolidated debits to ‘Theatre Collection Receivables Account’. The same account did not show any income from April, 2008 onwards. The journal vouchers in respect of these entries did not carry any narration such as daily collection report number, name of theatre, etc. The receivables were adjusted against cost of content, transferred to advance / security deposit account or remained unrealised. The receivables account continued to have consolidated entries.
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Source: SecMarx — sebi:Order/VV/AK/2021-22/14885. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.